Pension fund gives GBP 10m to Albion for community renewables

Greater Manchester Pension Fund (GMPF) will invest GBP 10 million (USD 15.5m/EUR 14m) into UK community-scale renewable energy projects through Albion Community Power plc (ACP).

ACP, which in February got GBP 60 million from the UK Green Investment Bank (GIB) and the Strathclyde Pension Fund (SPF), aims to raise total of GBP 100 million for small-scale projects. Its goal is to create a portfolio of decentralised renewable generation projects closer to the point of demand.

Albion has just announced a new GBP-3.3-million project, which involves the installation of a 499-kW hydropower plant on the River Arkaig in the Scottish Highlands. It will build the plant together with Green Highland Renewables, with completion expected in February 2016.

ACP has agreed to sell half of its electricity directly to local users through private wire arrangements. It wants to be selling more of the generated power straight to end customers.

(GBP 1 = USD 1.547/EUR 1.411)

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